The Surface Transportation Board (STB) on July 30 confirmed that it has received a notice of intent regarding a proposed merger that would result in the combination of Union Pacific (UP) and Norfolk Southern (NS). This notice, required under the Board’s merger regulations at 49 C.F.R. Part 1180, “initiates the regulatory review process for a proposed major merger between two Class I railroads.”
The Union Pacific+Norfolk Southern merger terms were largely as expected. NS can walk away from UP for an unsolicited better offer ($11/share break fee), but a BNSF-CSX combination is more likely than a Berkshire Hathaway bidding war with UP. The regulatory timeline to 1H27 was also expected, but lack of a voting trust and the right to walk if STB imposes certain conditions favor UP.
Georgia Ports Authority’s Port of Savannah logs the second busiest year on record. Also, the Port of New Orleans (Port NOLA) will collaborate with other Louisiana ports on a regional marketing strategy.
Union Pacific’s (UP) much-anticipated bid for Norfolk Southern (NS) was announced July 29. Both now embark on a lengthy review process, but we see the potential approval pathway justified due to U.S.
Since a Union Pacific/Norfolk Southern merger is now in process, I wanted to share data giving a sense of the absolute monster of a railroad UP+NS would represent. To do this, below
Following weeks of “perhapses,” “maybes,” and a “conceivably” or two—self-serving bait for valuable feedback—railroads Union Pacific (UP) and Norfolk Southern (NS) have officially announced merger plans. BNSF and CSX have yet to
The speculation is over: Union Pacific and Norfolk Southern at 7:00 AM EDT announced their agreement to, in a combined cash and stock transaction valued at more than $250 billion, merge and
Fostering a supportive environment that lifts up talent and recognizes an individual’s or project’s contribution to the organization or community is key. Our third-annual in-person Women in Rail Conference, taking place in Chicagoland
“This quarter, Norfolk Southern (NS) delivered another set of strong results—growing volumes, managing costs, and delivering 8% EPS growth,” said President and CEO Mark George during a second-quarter 2025 financial report, which
Unconfirmed reports over the weekend noted a Class I merger is close. These reports were preceded by actions by the STB that show the agency is preparing to handle a review in a more expedited fashion with a merger resource page already up, and a notice that the Board is embarking on taking steps to expedite regulatory processes. We continue to believe a deal is highly likely between Union Pacific and Norfolk Southern.